Correlation Between Jointo Energy and Cofoe Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jointo Energy Investment and Cofoe Medical Technology, you can compare the effects of market volatilities on Jointo Energy and Cofoe Medical and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Jointo Energy with a short position of Cofoe Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Cofoe Medical.
Diversification Opportunities for Jointo Energy and Cofoe Medical
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jointo and Cofoe is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Cofoe Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cofoe Medical Technology and Jointo Energy is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Jointo Energy Investment are associated (or correlated) with Cofoe Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cofoe Medical Technology has no effect on the direction of Jointo Energy i.e., Jointo Energy and Cofoe Medical go up and down completely randomly.
Pair Corralation between Jointo Energy and Cofoe Medical
Assuming the 90 days trading horizon Jointo Energy Investment is expected to under-perform the Cofoe Medical. But the stock apears to be less risky and, when comparing its historical volatility, Jointo Energy Investment is 1.31 times less risky than Cofoe Medical. The stock trades about -0.06 of its potential returns per unit of risk. The Cofoe Medical Technology is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 3,787 in Cofoe Medical Technology on September 1, 2024 and sell it today you would lose (9.00) from holding Cofoe Medical Technology or give up 0.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jointo Energy Investment vs. Cofoe Medical Technology
Performance |
| Timeline |
| Jointo Energy Investment |
| Cofoe Medical Technology |
Jointo Energy and Cofoe Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and Cofoe Medical
The main advantage of trading using opposite Jointo Energy and Cofoe Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Cofoe Medical can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Cofoe Medical will offset losses from the drop in Cofoe Medical's long position.| Jointo Energy vs. Chengdu Kanghua Biological | Jointo Energy vs. Beijing Wantai Biological | Jointo Energy vs. Suzhou Novoprotein Scientific | Jointo Energy vs. Aluminum Corp of |
| Cofoe Medical vs. Nanjing Putian Telecommunications | Cofoe Medical vs. Shenzhen Hifuture Electric | Cofoe Medical vs. Tianjin Realty Development | Cofoe Medical vs. Shenyang Huitian Thermal |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |